December 29, 2014

Tata AIA Life launches pure term micro insurance solution Tata AIA Life Insurance Navkalyan Yojana for economically vulnerable members of the society

Key features:

A pure term insurance plan with life coverage throughout the policy term

Policy and Premium Paying Term of 5 years fixed

Annual premium as low as Rs. *116 for Rs.10,000 Sum Assured for one Year.

No medical tests required to buy the product

Mumbai: Tata AIA Life Insurance (Tata AIA Life) today announced the launch of Tata AIA Life Insurance Navkalyan Yojana (Navkalyan Yojana), a micro life insurance solution for people below poverty line living either in villages or cities.

Navkalyan Yojana is a non-participating, regular premium paying, Term Insurance solution with a minimum entry age of 18 years and maximum entry age up to 60 years. The solution offers a fixed policy term of five years with basic sum assured from Rs.10,000 to Rs.50,000. Customers can choose to pay their premiums in annual, semi-annual, quarterly mode as per their convenience.

The solution will be distributed through the licensed Micro Insurance agents of Tata AIA Life, consisting of Non-Government Organizations (NGOs), Micro Finance Institution (MFIs) and Self-Help Groups. Tata AIA Life has a strong network of Micro Finance agents operating in 51 districts in 12 states.

Announcing the launch of the life insurance solution Ravi Vishwanath, Deputy CEO of Tata AIA Life, said "The launch of Navkalyan Yojana will further strengthen our commitment to deepen life insurance penetration in the country and 'make Good happen' to economically vulnerable members of the society. We are confident that our association with various NGOs, MFIs and Self-Help groups will enable us to reach out to these members across the length and breadth of India."

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